Menu

News Room / Laurion Announces Results of Annual and Special Meeting of Shareholders

Laurion Announces Results of Annual and Special Meeting of Shareholders

TORONTO, ON / ACCESSWIRE / June 10, 2014 / Laurion Mineral Exploration Inc. ("Laurion" or the "Corporation") (TSX-V: LME) and (OTCQX: LMEFF) is pleased to announce the voting results from its annual and special meeting of shareholders held on June 6, 2014 (the "Meeting"). At the Meeting, the shareholders elected Michael Bourassa, David Burkes, Terrence Byberg, Gerard Lanthier, Cynthia Le Sueur-Aquin, Neil Westoll, Douglas Bolton and Joseph Campbell as directors of the Corporation.

In addition, shareholders also approved resolutions: (i) approving the re-appointment of Collins BarrowLLP, Chartered Accountants, as the auditors of the Corporation; (ii) ratifying and confirming the renewal of the Corporation’s rolling stock option plan; and (iii) approving the consolidation, upon final determination of the directors, of the Corporation’s issued and outstanding common shares into one new common share for up to every seven pre-consolidation common shares (the "Share Consolidation"). Notwithstanding approval by the shareholders of the Corporation, the Share Consolidation remains subject to approval by the TSX Venture Exchange (the "TSX-V"). In addition, the board of directors of the Corporation may, in its sole discretion, abandon the Share Consolidation without further approval or action by or prior notice to shareholders.

For details on the matters considered at the Meeting, please refer to the Corporation’s management information circular dated April 17, 2014, which can be found under the Corporation’s profile on SEDAR at http://www.sedar.com/.

Outlook on the Ishkoday Discovery Property

Positive drill results on the Ishkoday Discovery Property (the "Ishkoday Discovery Property") have identified a gold and base metal environment hosted in three base metal trends, 3,000m each in strike length, within a 1km wide corridor. The Corporation believes that its management of the short-term needs of shareholders, coupled with its long-term strategic planning for the development of a three-phase drilling program on the Ishkoday Discovery Property, and the creation of a defined business plan of growth through asset monetization and discovery, are value drivers. Having said this, the Corporation is of the firm opinion that a share consolidation will only proceed on a strategic basis.

While management believes that the cash position in the interim is strong, the Corporation will need to complete a private placement to continue developing the gold-rich base metal environment on the Ishkoday Discovery Property. There is no guarantee that the will be successful in completing a private placement.

Laurion is focused on unlocking the value of the Ishkoday gold and base metal environment hosted within three base metal trends, 3,000m each in strike length, in a 1km wide corridor. Laurion is expanding on a legacy of gold production from the Ishkoday shaft which is hosted in a significant gold environment.

Laurion’s balanced and diversified management team is results driven and has achieved a decade of growth through asset monetization. Laurion’s management objective is to advance the Ishkoday Discovery Property from discovery to value creation to exit strategy.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

This news release includes certain forward-looking statements concerning the future performance of Laurion’s business, operations and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing. Actual events or results may differ materially from those projected in the forward-looking statements and Laurion cautions against placing undue reliance thereon. Laurion and its management assume no obligation to revise or update these forward looking statements except as required by law.